Millennials are “leading the charge” in the mobile wallet takeover. According to Bank of America’s July 2016 Consumer Spending Snapshot, mobile wallet transactions are up 267% with 18-34-year-olds, and spending is up 235%. The increasing popularity of the new payment method helps explain why credit card usage is on a decline with consumers between the age of 20-50. The desire to stay within their means is also driving the trend: according to a TD Bank study, one fifth of Millennials say they worry using a credit card will make them acquire debt. (TheStreet)
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